<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 16, 1999
--------------------------------
VINTAGE PETROLEUM, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-10578 73-1182669
- ------------------ ---------------- ---------------------
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
110 West Seventh Street, Tulsa, Oklahoma 74119
- ---------------------------------------- ---------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (918) 592-0101
------------------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
------------
A copy of the Registrant's press release dated November 16, 1999, is
attached as an exhibit hereto and incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
---------------------------------
(c) Exhibits.
99 Press release dated November 16, 1999, issued by the
Registrant.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VINTAGE PETROLEUM, INC.
Date: November 16, 1999 By: /s/ Michael F. Meimerstorf
-----------------------------------------
Michael F. Meimerstorf
Vice President and Controller
-2-
<PAGE>
Exhibit Index
Exhibit
Number Description
- ------ ----------------------------------------------------
99 Press release dated November 16, 1999, issued by the
Registrant.
<PAGE>
Exhibit 99
For Immediate Release For Further Information Contact
Tuesday, November 16, 1999 Robert E. Phaneuf
Vice President - Corporate Development
(918) 592-0101
VINTAGE PETROLEUM, INC. ANNOUNCES INCREASE IN
AVAILABILITY UNDER BANK FACILITY
Tulsa, Oklahoma - Vintage Petroleum, Inc. today announced that its
commercial bank group has approved an increase in its borrowing base from $400
million to $550 million, providing the company $250 million of unused
availability under its unsecured revolving credit facility.
Vintage's bank group, led by Bank of Montreal, currently provides the
company a $535 million revolving credit facility. Semi-annually, the banks
establish a borrowing base under the facility based on their assessment of the
company's oil and gas reserves and the banks' customary lending practices. The
amount available to be borrowed under the facility is limited to the lesser of
the borrowing base or the facility size, which is currently set at $535 million.
The company may increase the facility size up to $625 million without further
approvals from the existing bank group if additional banks agree to join the
group.
Based on the new borrowing base, credit facility size, outstanding
borrowings and letters of credit at September 30, 1999, Vintage has unused
availability under its revolving credit facility of approximately $250 million.
While the unused availability provides substantial financial flexibility,
Vintage maintains its target of reducing its long-term debt to book
-More-
<PAGE>
capitalization ratio by year-end 2000 to the low to mid 50's percent range.
Activities aimed at achieving this target include the disposition of certain
non-strategic oil and gas assets, the application of the excess of cash flow
beyond non-acquisition capital spending and the issuance of equity in connection
with future significant acquisitions. Long-term debt to book capitalization at
September 30, 1999 was 63.7 percent.
Forward-Looking Statements
This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. All statements in this release, other than
statements of historical facts, that address estimates of proved oil and gas
reserves and events or developments that the company expects are forward-looking
statements. Although Vintage believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements
are not guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking statements. Factors that
could cause actual results to differ materially from those in forward-looking
statements include oil and gas prices, exploitation and exploration successes,
continued availability of capital and financing, and general economic, market or
business conditions.
Vintage Petroleum, Inc. is an independent energy company engaged in the
acquisition, exploitation, exploration, and development of oil and gas
properties and the marketing of natural gas and crude oil. Company headquarters
are in Tulsa, Oklahoma, and its common shares are traded on the New York Stock
Exchange under the symbol VPI.
